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Hearing aids, which can cost you as much as $6,000 for two because Medicare doesn’t pay for them, now can be leased — in the same way you can lease a car.
Some audiologists and hearing aid manufacturers who distribute across the country have started offering leases, which generally are a package of devices and services in a subscription plan. But leasing hearing aids is still relatively new and far from common.
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“Subscription systems have been talked about for a long time in hearing care but only used very rarely,” says Jim Kothe, head of sales at Silicon Valley hearing aid startup Whisper, which sells its hearing aid only by subscription. “One reason is simply inertia; this is the way hearing aids have always been purchased. No one is exactly sure what percentage of the market goes through subscription or lease, but I’d estimate it is less than 5 percent today.”
Hearing loss is a common consequence of aging and a risk factor for dementia if left untreated. About a third of people ages 65 to 74 have some hearing loss, and nearly half of those 75 and older have difficulty hearing.
Some who have a slight hearing loss are expected to benefit from a new generation of less expensive, over-the-counter hearing aids approved by the U.S. Food & Drug Administration that could hit store shelves this year. But pricier, medical-grade hearing aids that an audiologist or hearing aid dispenser fits specifically to your ears will perform better in restaurants or other noisy environments, a benefit to those with greater hearing problems. Some hearing aids aren’t as effective in lowering the volume on background noise so those sounds won’t drown out what you want to hear.
Leasing hearing aids has some obvious benefits and a few drawbacks. Here’s why to lease — or not.
Pro: You can pay monthly instead of all at once
Audiologist Kathleen Page, who owns H.E.A.R.S. Audiology in Smithtown, New York, understands why some people will not help their hearing.
Buyer be aware
• Any lease is a financial obligation. You should be given time to determine the total cost of your hearing aids, how the deal compares with outright purchase and whether the monthly fee meshes with your budget. Check for complaints with the Better Business Bureau or your state’s hearing aid dispenser licensing board. Walk away from any high-pressure sales tactics.
• The details are often in fine print. Review all your paperwork thoroughly before signing to make sure you understand it. Check to see if you will incur additional fees if a lease is terminated early for various causes, including death.
• A trial period is important. Look for at least 30 days and preferably 45 days or longer. Try your hearing aids in quiet and noisy settings, on the phone, in large groups and watching TV. Find out how many office visits are included to get the devices adjusted and whether you can return them or must switch to another model offered at the same hearing aid dispensary.
“To have to come up with a few thousand dollars in one chunk is not easy,” she says. Simply put, leasing may better fit your budget.
Here’s how getting a hearing aid typically works: You visit an audiologist or hearing aid dispenser to assess your hearing, determine the type of hearing aid that is best for you and discuss financing options. That may include leasing or some other form of credit that spreads payment over several months or perhaps years.
Pro: Your fittings, repairs are included
In early 2020, Page began offering three-year subscription plans, ranging from $100 to $175 a month depending on the technology, for all of the hearing aids available through her practice. Fees cover office visits, batteries and repairs, including the possibility of reprogramming a hearing aid in the middle of a lease.
“It’s less than a cable bill” with internet service, Page says of the monthly fees.
Patients also get a 45-day trial period and must be approved for financing. In Page’s practice, Allegro Credit, now being acquired by Stamford, Connecticut-based Synchrony, handles the details.
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